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Whether you plan on doing contract work with a government organization or just want to separate your business credit from your personal credit, a DUNS number can help.What Is a DUNS Number?
A DUNS number (an abbreviation for Data Universal Numbering System) is a unique nine-digit identification number that verifies the existence of a business, globally. Think of it as a social security number for your business. The DUNS number is assigned by Dun & Bradstreet (D&B) for each physical location of a business, and is used by industries and organizations around the world as a global standard for business identification and tracking.
You DUNS number will be associated with a "Paydex" score, from 0 to 100. 75 and above is considered an excellent score. This score can be compared to a business credit score in that it is a predictor of prompt bill payment.
Once you have an account, you can check your score online.Why Do I Need a DUNS Number?
You'll need a DUNS number for your business if you plan to:
If you market that you are listed with D&B and have a great score, this could be the determining factor on whether you will attract that client's business.When Do I Need to Get My DUNS Number?
Typically, business owners register for a DUNS number with Dun & Bradstreet following the legal formation of their company. This is done so the number is connected to your company directly and not to your personal credit. Attaching it to your personal credit could possibly lower your score.
D&B requires the following information about your company:
Typically, your DUNS number will arrive via mail 45 days after you register. However, you can purchase an expedited process and your number arrive within five business days.How Much Does a DUNS Number Cost?
The DUNS number is free. However, if you wish to receive your number faster than the standard 45 days, you can purchase an expedited process from D&B for $229.How Do I Obtain a DUNS Number?
There are few different ways to get a DUNS number. You can visit D&B's DUNSFile page or call 1-866-374-0441.
Want more information about the DUNS number? This video offers a clear explanation:
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